Global

Analysis by Christina Choueifaty and Letizia Rossi-Espagnet

The impact of sporting events on hotel performance has been well-documented recently. Now all eyes are on the Summer Olympics in Paris between 26 July-11 August 2024. This summer will mark exactly 100 years since the Summer Olympics were last held in France.

Analysis by Eddie Yeung

Note: All financial figures presented in US$.

STR's global “bubble chart” update for 2023 shows 85% of markets with revenue per available room (RevPAR) higher than 2019. In terms of top-line performance, that means most markets have recovered from the significant declines caused by the pandemic.

Hotel owners and operators are best positioned for success when they measure their business from every angle. That is why no benchmarking experience can be considered comprehensive without frequent insight into future booking levels in the marketplace.  

Analysis by M. Brian Riley

Concerts and major events have always been important revenue opportunities for hotels, but 2023 has felt like the “year of the concert” with major tour generating headlines and lifting performance all over the world.

Analysis by M. Brian Riley

Regardless of how the hotel industry benchmarks performance, the end goal is always maximum profitability. Like all other elements of industry benchmarking, there are data sets and reports designed specifically to measure the success of that goal.

Performance benchmarking is paramount in the hospitality industry, and whether measuring success against yourself, the competition or a specific segment of the market, the process involves foundational historical metrics. 

U.S. hotel weekly occupancy slipped a bit in the most recent week of reporting (27 February-5 March 2022), falling to 61.2% from 62.2% the week prior. While all attention is focused on rising gas prices and the potential impact on hotel demand, this week’s decrease was due to a weaker Sunday as the previous Sunday benefited from the Presidents’ Day holiday.

Hotel competitive sets, commonly known as “comp sets,” are a core element of STR’s performance benchmarking program. Without a comp set, and the marketplace intel that comes along with it, you’re left guessing as to where you can improve the performance of your property or portfolio.

While the future may be uncertain, we want you to know that we’ll continue to be there for you. We continue to work on creating the necessary tools to help you build your playbook for the future. From expanding Forward STAR globally, to introducing Composite Comp Sets, we are bolstering the resources that will help you on the road to recovery. See what’s available and what’s in store via the links and video below.